Car Insurance

[The Demon]

Thank you all the great advice everybody. It will never be outside. It will be in a garage. Just not the kind that Hagerty wants. I may have under exaggerated the 300 miles a year. I know that that will never happen with me owning it. I always buy these cars to drive them. It will be a weekend only car, but it will be used way more than what I’m saying, I believe. If that is the case, then I don’t need Hagerty. I can just use my current insurance company.

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[iceman145]

I have Grundy for my Mach. $769/yr. No mileage limit, but must be garaged. It's not like they check, but I guess they could if you made a claim...

 

[Stage_3]

I too, have Grundy.
I have a daily driver, which you must have and the vehicle needs to be in a garage when not being driven, which I do. I only drive my car maybe 800 miles a year? If that. This is my second car with Grundy.
You can take your car out to car shows and stuff like that. But, you cannot take your car to work or to the store or mall, stuff like that. Fine by me as I never do anyways. That's what my daily driver is for.

 

[NeedForGreen]

I too, have Grundy.
I have a daily driver, which you must have and the vehicle needs to be in a garage when not being driven, which I do. I only drive my car maybe 800 miles a year? If that. This is my second car with Grundy.
You can take your car out to car shows and stuff like that. But, you cannot take your car to work or to the store or mall, stuff like that. Fine by me as I never do anyways. That's what my daily driver is for.

I've always been curious about collector insurance as I've been looking into getting a Delorean. If you cant take the car to the store and what not how do they verify the mileage or do they just take your word for it? I assume if something were to happen to it then they'd see the mileage and would just deny a claim?

 

[TW Merema]

How much can full coverage really be? My policy is like $1000/year, with higher liability limits and very low deductible through SF. Granted I have a slew of other policies there as well, but still I can drive it like any other car and if I decide to leave it outside one night and something happens I’m covered.

 

[The Demon]

How much can full coverage really be? My policy is like $1000/year, with higher liability limits and very low deductible through SF. Granted I have a slew of other policies there as well, but still I can drive it like any other car and if I decide to leave it outside one night and something happens I’m covered.

The difference between Hagerty and I’m assuming Grundy although I haven’t looked at them is the policies are different. You insure your car for a value. With State Farm if they total it, you’ll get whatever they give you. With these other two companies, the value is stated, and that’s what you pay for so if something happens you will be reimbursed in full. At least that’s how I believe it works. She is all new to me.

 

[MAGS1]

I've always been curious about collector insurance as I've been looking into getting a Delorean. If you cant take the car to the store and what not how do they verify the mileage or do they just take your word for it? I assume if something were to happen to it then they'd see the mileage and would just deny a claim?

Exactly right. If something were to happen and you filed a claim with too many miles, they’ll deny the claim (and might kick the car off the policy since you didn’t adhere to the rules of the policy).

 

[TW Merema]

The difference between Hagerty and I’m assuming Grundy although I haven’t looked at them is the policies are different. You insure your car for a value. With State Farm if they total it, you’ll get whatever they give you. With these other two companies, the value is stated, and that’s what you pay for so if something happens you will be reimbursed in full. At least that’s how I believe it works. She is all new to me.

Agreed value is nice, I keep that on the boat and toys…I guess the concern for me would be as follows: the insurance company is in business to make money. Regardless of how enthusiast oriented they may be, if there is any chance for them to deny your claim they will. For example, you drive the car one day and some POS with no insurance hits you and totals it, will the company in question be waterboarding you over the circumstance? Were you going to a car show or running an errand? Where you got hit isn’t precisely on the way between the cars and coffee and home, could you have been driving to work?

All I’m saying is if there’s any chance you might use this car as, you know, a car, you might be better off with standard insurance. Not 100% sure but my guess is if I went to State Farm and asked for an “agreed value” policy they probably have that option for cars too. Just throwing it out there, insurance companies are basically gambling that you WON’T have a loss and when you do it hurts their bottom line which they aim to protect.

 

[Stage_3]

I've always been curious about collector insurance as I've been looking into getting a Delorean. If you cant take the car to the store and what not how do they verify the mileage or do they just take your word for it? I assume if something were to happen to it then they'd see the mileage and would just deny a claim?

Well,......I'm assuming when you/LEO fill out the police report, it states where the accident took place and then your claim will be denied. I would never take my car to the store or work anyways. That's just me.
I have a killer daily driver for that stuff.

 

[Garfy]

I insure my 2011 GT Premium Convertible through Haggerty. I made the switch on recommendation of my State Farm agent, of all people, about five years ago after we had a conversation about whether keeping a car on a battery tender during winter storage qualified as “maintaining the car” (spoiler alert: it does). Turns out if anything happened to the car in storage mode, it wouldn’t be covered. I also have several friends who insure their Mustangs, 911s, and track-rat Miatas with Haggerty. They’ve been great! I pay half of what State Farm was charging, but for year-round full coverage with agreed value (side note: S197 5.0L values for “excellent” condition are starting to get stupid already). And it coordinates nicely with my SF umbrella liability policy. I don’t recall having a mileage limit, but I only put ~2000mi a year on it. I do garage my S197, so that never came up in my discussion with Haggerty. The people at Haggerty are definitely “car crazy,” and they love to talk shop about your ride when you call.

My GT is with SF and because I have the Umbrella policy on my home, my cars all have to have the high $250K/$500K liability coverage. I also have $100 deductible collision, $0 deductible comprehensive and the under-insured/uninsured stuff on it. I drive about what you do so far as I only have about 3,900 miles on my car that's just over 2 years old. My premium is about $239 every 6 months which I think is decent as I can use it whenever I want to do a Mustang cruise or whatever errands I want to do, etc. I think it's actually good considering my 2012 Fit is only $20 cheaper with the exact same coverage.

 

[Garfy]

How much can full coverage really be? My policy is like $1000/year, with higher liability limits and very low deductible through SF. Granted I have a slew of other policies there as well, but still I can drive it like any other car and if I decide to leave it outside one night and something happens I’m covered.

Exactly. SF has pretty good premiums because of their multi-policy and multi-car discount as well as their Drive Safe & Save program that gives you more discounts based on your driving habits. Driving 10 mph over the speed limit gives you an "average" rating though it also tracks your acceleration, braking, cornering and cell phone use. I periodically drive it beyond what they want but it will never increase your base premium, it just reduces the amount you save so it's a good program to enroll in.

 

[FUN2RIDEFAST]

Hey guys/gals. I just had a question for those of you who drive your Mustangs very rarely. I’m not just talking weekends I’m talking maybe 300 miles a year if even that. If you have your own house with an enclosed garage, I could see you paying very very little insurance through Hagerty or somebody else. If you don’t have your own garage yet you still only drive it that little how are you ensuring yourselves. I’m looking at a Mach 1, which I will very rarely drive, but I don’t live in a house. Hagerty said no and I am not paying full price insurance for something that I’m not going to drive that often.

Thanks for the responses good or bad.

The Mach 1 is for more of a very rarely used toy. I will be keeping my own car as a daily as usual.

What's the point of owning a car you rarely drive?

 

[Rock&Roll]

How much cheaper are these insurance companies?

I have Allstate and I’m paying $900 a year for my garaged Car. I have a daily 22 GTI and I’m only doing 1-2k miles a year.

sometimes I think I should sell it but then I drive the car and wow

 

[njlime]

I use Heacock Insurance/American Modern. They were significantly less than Hagerty & Grundy & their service has been good on the (1) claim I had. They used to be the sponsoring insurtance company of Mustang Club of America (MCA) but Have been replaced because Hagerty can provide (better) coverage to the MCA for club liabilty, etc while running shows. In addition to "Agreed Value", collector car policies have zero deductible.

 

[njlime]

I use Heacock Insurance/American Modern. They were significantly less than Hagerty & Grundy & their service has been good on the (1) claim I had. They used to be the sponsoring insurance company of Mustang Club of America (MCA) but have been replaced because Hagerty can provide (better) coverage to the MCA for club liability, etc. In addition to "Agreed Value", collector car policies have zero deductible.

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